Finding the right property manager (PM) is one of the most important things you can do as a property investor. But, do you know how to find a rental property management company who will work on increasing your returns?
Doing so is often much easier said than done.
With all the big promises and savvy marketing that many agencies love to use, it’s easy to get distracted, make a mistake and end up going with the wrong one.
So how do you get through all the hype and find the right one for you?
You look for specific qualities.
You see, all good PMs possess qualities and characteristics that make them excellent at their jobs. When you focus on finding the good qualities, you’re more likely to cut through the façade of industry hype and land the right manager for your property.
How to Find a PM – Six Qualities You Should Look For:
1. Look for Experience
Experience is a big plus in many industries, but it’s crucial in property management.
After all, you’re entrusting your property in someone else’s hands. When you’re handing over an investment as big as a rental property, you want to make sure they know what to do and have done it successfully before.
When evaluating a manager’s experience, don’t just look at how many years they’ve been in the industry. (There are plenty of PM’s who’ve been in the industry with low success rates.)
Instead, you should also consider their experience in:
- Getting proper returns for their clients
- Handling properties similar to yours
- Dealing with tenant issues
- Finding tenants during dry markets
By considering their experience in areas like these, you can evaluate how good they really are.
2. Look for People Skills
Property management is, ultimately, a people business.
Not only will your manager deal with you and your tenants, but they’ll also need to work with third-party suppliers, regulatory bodies, and legal agencies.
The better their people skills are, the better they will be at managing your property.
This is often something you need to evaluate face-to-face when you meet them. Observe how they deal and communicate with you, how they make you feel, and how they work with people.
Your manager should also excel in negotiation and managing complaints because these will be vital in dealing with different types of tenants over the lifetime of your rental property.
3. Look for Expertise
Property management is a complicated and highly regulated industry, so you want to make sure you’re working with managers who know all the procedures and regulations for getting things done.
Assess their industry expertise and determine how much they know about the rules and requirements for managing your type of property. The more knowledgeable they are, the smoother your life as a property investor will likely be.
Remember that an expert manager can also help you avoid fines and penalties, so you want someone who knows exactly what they’re doing.
4. Look for Organisational skills
Property management is a juggling act that requires proper organisation, scheduling, and priority setting.
If your PM isn’t organised and detail-oriented, then you could end up with unsatisfied tenants, property damage, and costly fines.
Evaluate their organisational skills by learning about their procedures for key aspects of property management like rent collection, tenant screening, maintenance scheduling, and addressing tenant issues. This will give you a better idea of how organised they are and how well they can manage different aspects of your property.
5. Look for Good Communication
How easy is it to get a hold of your property manager? Do they respond quickly to your enquiries? Do they answer your questions clearly and honestly?
These are questions you need to ask yourself when choosing a PM to work with. There’s nothing more frustrating than not knowing how your property is doing because your manager isn’t getting back to you or giving you the information you need.
Save yourself the headaches by choosing a manager who values open communication and tells it like it is.
6. Look for a Good Reputation
Word travels fast in the real estate industry, so if a manager isn’t good, you’ll probably know about it. Conversely, if they’re great, then they’ll probably come highly recommended.
If you’re looking for a new manager for your property, it’s always worth asking around to see who fellow property investors recommend. You should also check their online reviews and client testimonials (if any) to understand what their clients think about them. This will help you evaluate whether they live up to their reputation.
(Keep in mind that some newer PM’s may still be building their reputation, so you may need to do some in-depth research for this. Nonetheless, you’ll get a better idea of what they’re like by seeing what other people are saying about them.)
Looking for a Better, More Qualified Property Management Specialists?
If you’re looking for a property manager who’s proven to get the job done properly, or if you’re simply not happy with your current manager, contact us to find out how we can help you. We are property investors ourselves, so we know what you’re looking for and can deliver the service you expect.